Can virtual currency be mined

1. All virtual digital cryptocurrencies, like bitcoin, have consensus algorithms, but not all consensus algorithms are realized by mining. Lightcoin was obtained by mining. The security of the algorithm is still very high, but the security of the storage is related to the storage mode. The security of the cold wallet is the highest, followed by the hot wallet. The security of the platform, the exchange and the like wallet is general, and the difference is very big.

2. The mining of virtual currency is a process of using computer hardware to do mathematical calculation for virtual currency network to confirm transactions and improve security. As a reward for their service, miners can get the Commission included in the transaction they confirm, as well as the newly created virtual currency. Mining is a professional and competitive market. The bonus is divided according to the amount of calculation
however, some Shanzhai coins are purely tools for developers and users to earn money. There are two main ways to make money by using virtual coins: one is mining. For example, if you want to obtain bitcoin, you must use a professional ASIC miner to mine (Avalon miner), and the bitcoin obtained from mining can be traded on the trading platform; The other is trading on the trading platform and making money by using the price difference

3. It's hard to dig. Now virtual currencies like bitcoin are not worth money at all, and these virtual currencies have very high requirements for computer configuration.

4. Bitcoin, Ethereum, chitcoin, dogcoin, eco and RCO can all mine. If you can mine with ordinary desktop and notebook computers, then eco and RCO are more powerful

5. It's possible to dig, and no one can stop it. However, virtual currencies such as bitby have been declared illegal by the state, and prices have plummeted. As a result, fewer and fewer people are mining, and even drag down the sales performance and economic benefits of enterprises manufacturing graphics cards. It's a bit too late for you to get involved now, The chance to make a fortune is over. It's better to choose another project.

6. EGD network generates new EGD through "mining". In essence, the so-called "mining" is to solve a complex mathematical problem with computer to ensure the consistency of EGD network distributed accounting system. EGD network will automatically adjust the difficulty of mathematical problems, so that the whole network can get a qualified answer every 2.5 minutes. Then the EGD network will generate a certain amount of EGD as a reward to reward the person who gets the answer. When EGD was born on January 1, 2014, each reward was 50 EGDS. Two and a half minutes after its birth, the first batch of 50 EGDS were generated, and the total amount of money at this time was 50. Then EGD increased at a rate of about 50 per 2.5 minutes. When the total amount reaches 42 million (50% of 84 million), the bounty will be halved to 25. When the total amount reaches 63 million (21 million new output, or 50% of 4200), the bounty will be further halved to 12.5.

7. No, it's all reasonably calculated, and judging whether it's deflation or inflation is not based on whether the total amount of money is decreasing or increasing, but on whether the overall price level is falling or rising.

8. Mining is the most primitive "exploration method" to obtain digital currency. In essence, it is to solve a complex mathematical problem with computer. If blockchain is compared to a large account book, the block in which is a page in the account book, and all miners are bookkeepers, the process of mining is bookkeeping, and also to maintain the normal operation of the whole network
the process of mining is very simple. Take bitcoin as an example. Every 10 minutes, all the miners work out a math problem together. Whoever works out the answer first is equivalent to digging this block and getting the corresponding bitcoin as a reward. Mining equipment is the first to use computers. With the rising price of bitcoin, more and more people participate in mining. CPU mining has graally turned into a professional graphics card. In recent years, it has become a specific mining machine. This evolution is e to the problem of computing power. As I said just now, mining means "all miners work out a mathematical problem together." the higher the computing power, the stronger the hardware computing power and the faster the speed. Suppose that the computing power of the computer is 1, the computing power of the graphics card is 5, and the computing power of the mining machine is 100, then the mining efficiency of the mining machine is 100 times that of the computer, It's almost impossible for computers and mining machines to dig bitcoin together

warm tips: investment has risks, so we should be cautious in choosing. According to the notice and announcement issued by the people's Bank of China and other departments, virtual currency is not issued by the monetary authority, does not have monetary attributes such as legal compensation and compulsion, is not a real currency, does not have the same legal status as currency, and cannot and should not be used as currency in the market, Citizens' investment and transaction of virtual currency are not protected by law
response time: April 2, 2021. Please refer to the official website of Ping An Bank for the latest business changes
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